Rawson, Hardie Complete Acquisition of Australia's Otway Energy

Australia's oil and gas firm Rawson Resources Limited (Rawson) disclosed Tuesday that it has announced the results of the Extraordinary General Meeting (EGM) May 16, where shareholders voted in favor of the proposed purchase of Otway Energy Pty Ltd (Otway).

Following the EGM, Rawson and Hardie Energy Pty Ltd have confirmed all conditions were satisfied and formally completed the sale and purchase of the remaining interest in Otway on Friday May 23.

Rawson is now the operator of PEL 154 and PEL 155, with a 100 percent interest in both licenses. A farm-out process to find a strategic partner and fund the drilling phase is underway and we look forward to advising of progress in due course. This transaction continues the direction outlined at the Company’s AGM in November 2013, of taking operatorship and holding strategic interests in our permits.

The Otway purchase, along with the recent acquisition of the Killanoola Oil Field (PRL13) gives the company a strong focus on the western Otway Basin, South Australia. Furthermore, recent positive results from the unconventional drilling in adjacent blocks by Beach Energy Limited, has led Rawson to undertake a resource assessment of the unconventional potential of the Eumeralla, Laira and Petty Hill formations within PEL155. The board and management believes both the conventional and unconventional prospectivity in the basin provide excellent upside for the Company.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Denver, CO
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Columbia, SC
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours